1) The following data was obtained from the records of Bitter Inc., for the current year:

01/01 Beginning inventory 110 units at $10

02/15 Purchase 200 units at $12

04/22 Purchase 125 units at $13

07/19 Purchase 90 units at $14

12/31 Ending inventory 75 units

Required:

1. Calculate the value of the ending inventory using:

a. FIFO.

b. LIFO.

c. Average-cost.

2. Calculate the Cost of goods sold by:

a. FIFO.

b. LIFO.

c. Average-cost.

2) The units of inventory available for sale during the month of June were as follows:

June 1 Beginning inventory 75 units at $40

June 15 Purchase 32 units at $47

June 22 Purchase 23 units at $48

There are 59 units of in inventory at June 30.

Required: Determine the ending inventory using:

1. FIFO.

2. LIFO.

3. Average-cost method.